Substation Inspection Robots Market Report Overview
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The Global substation inspection robots’ market is expected to be worth USD 178 million in 2020, as per our research, the market is projected to touch USD 716.74 million by 2031 with a CAGR of 13.5% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Substation inspection robots are very useful in monitoring and maintaining power infrastructure. These robots are similar to machines that are provided with cutting-edge technology. They are also equipped with sensors, AI algorithms, and, cameras. These robots help in navigating complex substation environment. They also play an important role in minimizing human exposure to dangerous environment. These robots enable the smooth functioning of power grids.
Advanced algorithms are being integrated into these inspection robots. This will increase the efficiency of the robots. This equipment’s are now being integrated with multi-functionality features. This is considered as the latest trend in the market.
With increasing industries, and factories power consumption has increased. This has increased the need for reliable and efficient power infrastructure. Also, the power infrastructure is getting complex day by day. All these factors have helped in the rapid development of substation inspection robots market share.
COVID-19 Impact: Budget Constraints in Several Industries During Pandemic Decreased Market Share
The outbreak of pandemic of COVID-19 changed the dimensions of many industries. The outbreak of the infectious coronavirus not only created a health crisis but also posed many financial challenges to several sectors. There was no adequate working capital for factories to operate smoothly. Many people lost their jobs and livelihood during the pandemic.
Substation inspection robots form an invaluable asset in the power grid sector. However, these robots are slightly expensive and cannot be afforded by all the companies. Only large-scale companies can afford them. Budget constraints in many industries led to the downfall of the market during the pandemic period.
LATEST TRENDS
"Integration of Advanced Algorithms to Drive Market Growth"
Robots themselves are produced using advanced technology. Most of the robots are integrated with the latest technologies like artificial intelligence and machine learning. Recently there has been an increasing focus on autonomous capabilities. Several robots are making use of advanced algorithms.
With the help of these advanced algorithms these robots are able to navigate through various substations. Inspections can be performed without any human intervention. Manufacturers are experimenting with multi-functionality. In this case robots are equipped with numerous features that include vibration analysis, gas detection, thermal imaging, and many more. These are considered as the latest trend in the market.
Substation Inspection Robots Market Segmentation
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- By Type:
The market can be divided on the basis of type into the following segments:
Wheel type, and, crawler-type. The wheel type segment is anticipated to dominate the market during the forecast period.
- By Application:
Based on application, the market share is bifurcated into the following segments:
Single station type, and, concentrated use type. The single station type segment is expected to dominate the market during the forecast period.
DRIVING FACTORS
"Growing Requirements for Reliable and Efficient Power Infrastructure to Amplify Market Growth"
Several factors have contributed in the rapid growth and development of the market. One of the major driving factors include the growing necessity for power infrastructures that are efficient and reliable. This is influencing companies to incorporate automated inspection solutions. Substation inspection robots provide exceptional accuracy, worker safety and, less work time.
These robots also have the capacity collect real-time data. Inspections can be performed without any interruptions from human beings. Therefore, remote monitoring and diagnostics prefer to adopt substation inspection robots. Several advancements in robotics technology have created lucrative growth opportunities for the market.
"Complexity of Substation Infrastructure to Fuel Market Growth"
Another important factor fueling the market growth is complexity that is involved in substation infrastructure. Many large components are getting integrated into substations making them very complex and highly intricate. Therefore, manual inspections are tedious and highly time-consuming.
Human exposure to substation power grids can be highly hazardous. With the help of these robots’ human exposure to dangerous environment can be minimized. This will in turn improve worker safety and reduce any type of manual errors. Automated inspections can also be highly cost-effective. All of these factors are fueling substation inspection robots market growth.
RESTRAINING FACTOR
"High Cost Associated with Installing Robotic Installation Systems to Bring Down Market Share"
These robots are highly useful in power grid sector. However, there are certain factors that can have a negative impact on the growth and development of the market. One such factor is the high cost of installing robotic systems. There are several expenses which are involved installing substation inspection robots.
They include initial investment, cost of sensors, robots, and supporting infrastructure. Another factor that can limit the market growth is the complexity involved in installing these robotic systems. Complex structures have to be erected in confined spaces which can be a very challenging task. Stringent safety regulations can be another hindrance to the market.
Substation Inspection Robots Market Regional Insights
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"Asia Pacific to Dominate Market Share "
Asia Pacific region is dominating the market share in terms of production and revenue. This can be attributed to factors like the presence of a well-established power-infrastructure in Asia Pacific. Such power infrastructures require regular inspections. Maintenance is also highly important for such structures.
There are several laws and rules in North America that emphasis on worker safety and non-hazardous working environment. This has increased the adoption of such robots. Growing industrial sector, and high investments in many factories will further increase the scope for the market.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Shandong Luneng Intelligence Tech (China)
- Zhejiang Guozi Robotics (China)
- Shenzhen Langchixinchuang (China)
- Hangzhou Shenhao Tech (China)
- Yijiahe Technology (China)
- Dali Technology (Denmark)
- CSG Smart Science & Technology (U.S.)
- Sino Robot (China)
- Chiebot (U.S.)
- NARI Technology (India)
- XJ Group Corporation (China)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 178 Million in 2020 |
Market Size Value By |
US$ 716.74 Million by 2031 |
Growth Rate |
CAGR of 13.5% from 2020 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the substation inspection robots market expected to touch by 2031?
The market size is expected to reach USD 716.74 million by 2031.
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What CAGR is the Substation Inspection Robots market expected to exhibit by 2031?
The Substation Inspection Robots market is expected to exhibit a CAGR of 13.5% by 2031
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Which are the driving factors of the Substation Inspection Robots market?
With increasing industries, and factories power consumption has increased. This has increased the need for reliable and efficient power infrastructure. Also, the power infrastructure is getting complex day by day. All these factors have helped in the rapid development of substation inspection robots market share.
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Which is the leading region in the Substation Inspection Robots market?
Asia Pacific is the leading region in the Substation Inspection Robots market.
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Which are the key players or most dominating companies functioning in the Substation Inspection Robots market?
Shandong Luneng Intelligence Tech, Zhejiang Guozi Robotics, and, Shenzhen Langchixinchuangare some of the top companies operating in the Substation Inspection Robots market.